Friday,
August 30, 2024
Market recap
Dow Jones
41,335.05
+243.63 (+0.59%)
S&P 500
5,591.96
-0.22 (-0.00%)
Nasdaq
17,516.43
-39.60 (-0.23%)
Top Story
Why the American Dream feels so out of reach for many
The core tenets of success in the U.S. are as appealing as ever — but feel increasingly out of reach.
US stocks finished mixed on Thursday
• The Dow Jones Industrial Average clinched a new record high.
• The U.S. economy grew at a faster pace than initially reported in the second quarter, with GDP increasing at an annualized rate of 3%.
What to be on the lookout for today
• The Fed’s preferred inflation measure, Personal Consumption Expenditures.
Don’t make these budgeting mistakes
Here’s the thing about budgets: They only work if you stick to them. When you create a budget you need to be realistic and honest with yourself. This may include essential spending on food, housing, utilities, child care, and car payments, but also non-essential expenses, such as entertainment or saving up for a planned trip.
Mistakes to avoid• You’re too strict. Being too restrictive with spending could leave you discouraged. Allow for some wiggle room to indulge. If fancy coffee makes you happy, try making it a weekend-only habit.
• You’re not flexible. Life changes, and so should your budget. Be sure to account for holiday and birthday spending throughout the year.
• You don’t have a goal. Having a goal you want to reach with the help of your budget can help you stay on track, even if they’re small, like putting an extra $50 into savings with every paycheck.
Tracking your spending for a few months can help you understand your spending patterns. That will make it easier to make cuts if necessary.
Today’s top stories
This is the reason groceries are so expensiveEven though the pace of inflation has slowed, your grocery bill might be higher than it was before the pandemic. Here is why.
Read more >> City living used to pay a premium. But things are changingRising costs of living and changes in how we work have allowed many Americans to flee the big city without losing out on opportunities.
Read more >> What’s the average size of a home in the US?The average square footage of homes has decreased slightly in the past years.
Read more >>Not-So-Breaking News
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Investors weren’t impressed with chipmaker NVIDIA’s latest earnings report, even though the company beat expectations. Production delays for a new chip were to blame. The semiconductor giant’s stock closed 6.4% lower.
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Dollar General shares also fell more than 32% on disappointing earnings, the discount retailer’s biggest drop on record, after it cut its full-year forecast as Americans spend less at the chain.
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Warren Buffett’s Berkshire Hathaway briefly reached a valuation of $1 trillion, becoming the first non-technology company in the U.S. to do so.
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More Amazon workers are joining the Teamsters union’s strikes against the e-commerce giant, which are ongoing in California, Georgia, Illinois, Kentucky, and New York.
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Ford is rolling back some of its diversity, equity, and inclusion (DEI) initiatives, joining other companies like Deere & Company, Harley-Davidson, and Lowe’s who have also done so.
Financial planner tip of the day
"People who are reluctant to invest all at once might consider dollar cost averaging. This means making regular contributions over an established period of time, which can help lower the cost basis of your investments over the long term."
Brian Walsh, CFP® at SoFi